Sports are not a huge mover of money in the country. The revenue of all leagues combined is like 0.1% GDP.
Yeah, you’re probably right.
Futures up a K before the bell
Open 4 minutes, up 5%. Swongs, man.
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I think I estimated it in the main thread the other day, just in ticket revenue and concessions, at $300-330M each for the NBA and NHL going crowd-free through 3/31. So extrapolate from there. I estimated the NCAA cancelling March Madness as a loss of $1B in economic impact on host cities. Their TV deal is worth around $1B a year and I’m not sure who takes the L there. Advertisers already paid CBS who already paid NCAA and it depends how those contracts were written.
This is such a weird experience for me. Every time the market drops an additional 2%, I buy more. I expect that the more it drops, the more I’ll make. So today is bad for me, but like I’m rooting against my financial interest here. I’m not rooting for death and suffering and bankruptcy. I’m rooting for humanity.
So it’s weird in that regard, but also, I am tracking what’s going on closely given the amounts I’m moving in relative to my net worth, so I’m watching a lot of CNBC. I find CNBC personalities much more enjoyable when the market is crashing, today it’s annoying watching these insufferable pompous fuckers talking about how great Mnuchin is with thinly veiled brags about how rich they’re getting, etc. It’s much more fun watching them get punched in the mouth. It’s just a shame that can only be enjoyed when tons of innocent people are being harmed. So I hope I don’t see it again, but someone needs to start a middle class finance channel lol… I might be the only one who wanted to watch it, but it’d be way less annoying.
Their impact is probably bigger than that in terms of like the impact they have on the economy by people going on trips to see games, staying in hotels, going to sports bars, going out to eat after games, etc… But all that stuff is going to slow down overall broadly anyway.
But I think we’re probably going way longer than we think without crowds. My guess is that even once we flatten the curve, Fauci etc are going to push to not have crowds over 1K or 5K for a long time, just becuase the risk of a new outbreak starting in that crowd is too high. Obviously society will push back, especially the non-science folks. We’ll see what happens.
Market is shitting itself on news of Trump presser
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Working hard, thanks!
Isn’t remotely like spending. Maybe this is helpful:
https://twitter.com/DanielT_Roberts/status/1238217639085985794
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There’s no way the market finishes up. After last weekend/Monday no one is going to want to be long over the weekend. If it does somehow I’m unloading the rest of my funds.
It’s a tricky spot. No way of know how much the various feds are going to make it rainnnn
Dont forget we have a Trump presser at 3 PM. We may be staring 20K in the face before the closing bell
Eh, I think that now that FLATTEN THE CURVE is out of the bag and being talked about even on places like Barstool Sports that this going to blow over after this current shutdown.
We are all going to get it, you are going to be fine, we just needed to slow the spread a little so there are enough hospital beds for grandma is actually an upgrade from where public sentiment is today, IMO.
Any rumors what the moron is expected to say this time?
We should make list of ideas, so that we can all create bingo cards.
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I’m thinking this will be an unhinged rant blaming Obama, the Fed and Do Nothing Dems. He’ll then proceed to announce he’s doing something “great” by executive order that he can’t even do without congressional approval.
Narrator: He can do that without congressional approval because fuck you.
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Gimme some names/tickers
I agree. I think the market will panic if/when (I think when) one or more US cities don’t flatten the curve enough. I think it’s very unlikely that Seattle, NYC, Boston and the SF Bay Area will have done enough early enough to flatten it, but hopefully I’m wrong.
The market bros will then think it’s going to hit every city like that, panic sell like crazy, and we’ll recover and bounce back once the second wave of cities flatten the curve successfully and the first wave of cities gets back under the capacity of the medical system after a week or so.
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